1. Field of the Invention
The present invention pertains to a check authorization/money transfer, and more particularly, pertains to a check authorization system and process to dispense and account for funds regarding payments of business expenses for persons incurring expenses away from their domicile, such as truck drivers.
2. Description of the Prior Art
In all of the previous prior art check authorization systems, the only control the issuing company has is the issuance of the transaction number. All other aspects of the check authorization are handled by the second party that handled the approval of the check. The issuing company must have guaranteed the funds with the second party. This may be in the form of a surety bond or a cash deposit, which must be resupplied daily by the issuing company. The issuing company has no way of bank reconciliation with the previous systems on that day.
The present invention overcomes the shortcomings of the prior art systems by maintaining direct control concerning check authorization, including real authorization and approval of each transaction and the bank reconciliation on a real time basis.